BlackRock Advisors’ seven tax-exempt closed-end funds have priced variable rate demand preferred (VRDP) shares worth $365.2 million. The funds include the BlackRock MuniYield Quality Fund, the BlackRock Municipal Income Investment Trust and the BlackRock New York Municipal Income Trust II. The sale proceeds will be utilized to repurchase all of each fund’s outstanding auction rate preferred shares (Arps). The Arps redemptions associated with each fund’s issuance of VRDP, along with previous redemptions of Arps by BlackRock closed-end funds, total nearly $6.94 billion in redemptions of Arps across BlackRock taxable and tax-exempt closed-end funds.
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